https://www.taxtmi.com/caselaws?id=392992 The Tribunal allowed the appeal on 13/01/2020, overturning the penalty imposed under Sec. 271B for failure to audit accounts. The decision clarified that turnover for audit under Sec. 44AB should consider only positive and negative differences from speculative intraday transactions, not the total value of such transactions. The appellant's turnover was found to be below the audit threshold, rendering the penalty unwarranted. The judgment emphasized adherence to ICAI guidance on turnover interpretation to avoid penalties and provided relief to the appellant based on a reasonable explanation supported by relevant guidance. en-us Mon, 13 Jan 2020 00:00:00 +0530 Wed, 04 Mar 2020 11:24:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392992 The Tribunal allowed the appeal on 13/01/2020, overturning the penalty imposed under Sec. 271B for failure to audit accounts. The decision clarified that turnover for audit under Sec. 44AB should consider only positive and negative differences from speculative intraday transactions, not the total value of such transactions. The appellant's turnover was found to be below the audit threshold, rendering the penalty unwarranted. The judgment emphasized adherence to ICAI guidance on turnover interpretation to avoid penalties and provided relief to the appellant based on a reasonable explanation supported by relevant guidance. Case-Laws Income Tax Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392992